FxWirePro: USD/SEK rebounds from 2-year low, finds support at 8.7100
Tuesday, July 28, 2020 12:09 PM UTC
- The Swedish Krona eased from a 2-year high as the dollar rebounded against a basket of currencies.
- The dollar index surged as investors awaited a Fed meeting that begins later on Tuesday and Friday’s deadline for U.S. Congress to extend unemployment benefits.
- Markets seem to have ignored upbeat Swedish retail sales, which rose by 3.5 percent from a year earlier in June, following a 2.7 percent growth in the previous month.
- USD/SEK trades 0.7 percent up at 8.7536, having hit a low of 8.7101 earlier, its lowest since July 2018.
- Immediate resistance is located at 8.8249 (5-DMA), any close above could take it near 8.8693 (7-EMA).
- On the lower side, support is seen at 8.7115, break below could take it till 8.6808.